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CORNING REPORTS FIRST-QUARTER INCOME OF $78.1 MILLION

 CORNING REPORTS FIRST-QUARTER INCOME OF $78.1 MILLION
 CORNING, N.Y., March 31 /PRNewswire/ -- Corning Incorporated


(NYSE: GLW) reported today that its 1992 first-quarter net income totaled $78.1 million or $0.41 per share, compared with $48.4 million in 1991s first quarter. Excluding one-time gains in both years, 1992 first-quarter net income was $56.4 million or $0.30 per share, 21 percent above the 1991 figure.
 First-quarter sales amounted to $793 million, a rise of 15 percent. Adjusted for the consolidation of Unilab Corporation, formerly an unconsolidated affiliate, sales were up 7 percent.
 Board Chairman James R. Houghton said he is pleased the company continues to show substantial improvement, despite a persistent weakness in many world economies.
 Sales gains were driven by continued strong performance in the laboratory services segment. In the communications segment, optical fiber and cable sales continued strong, but were up against an unusually strong first quarter in 1991. As anticipated, both the fiber and cable businesses are currently showing a seasonal upturn and a return to strong year-over-year growth. The emerging liquid-crystal-display glass business in Japan also showed solid growth.
 Houghton said the sluggish U.S. economic environment continued to impact results in the consumer products and specialty materials segments.
 Income from equity companies rose 45 percent to $18.3 million, paced especially by Samsung-Corning Company Ltd.'s continued excellent performance.
 CORNING INCORPORATED AND SUBSIDIARY COMPANIES
 Consolidated Statement of Income
 (In millions, except per-share amounts)
 Periods ended Twelve weeks
 3/22/92 3/14/91
 (unaudited)
 Revenues
 Net sales $ 793.2 $ 691.2
 Royalty, interest &
 dividend income 11.4 6.9
 Non-operating gains 7.0 4.2
 Total 811.6 702.3
 Deductions
 Cost of sales 528.5 456.3
 S,G&A expenses 158.4 139.6
 Research and
 development expenses 30.7 27.9
 Interest expense 16.1 12.9
 Other, net 10.4 6.7
 Inc. before taxes on income 67.5 58.9
 Taxes on income 7.0 22.6
 Inc. before minority interest
 and equity earnings 60.5 36.3
 Minority interest in
 earnings of subsidiaries (1.0) (1.7)
 Equity in earnings
 of associated companies 18.3 12.6
 Inc. before extraord. credit 77.8 47.2
 Tax benefits of loss
 carryforwards .3 1.2
 Net Income $ 78.1 $ 48.4
 Earnings Per Common Share:
 Inc. bef. extraord. credit $ 0.41 $ 0.26
 Tax benefits of loss
 carryforwards 0.00 0.00
 Net Income $ 0.41 $ 0.26
 CORNING INCORPORATED AND SUBSIDIARY COMPANIES
 Condensed Consolidated Balance Sheets
 (In millions)
 3/22/92 12/29/91
 (Unaudited)
 Assets
 Current Assets
 Cash & short-term investments $ 97.9 $ 207.6
 Receivables, net 660.2 582.8
 Inventories 353.6 315.7
 Deferred taxes on income and
 other current assets 138.2 123.3
 Total current assets 1,249.9 1,229.4
 Investments 903.2 931.5
 Plant and Equipment, net 1,457.3 1,429.6
 Other Assets 575.9 262.1
 Total $4,186.3 $3,852.6
 Liabilities and Stockholders' Equity
 Current liabilities
 loans payable $ 222.5 $ 85.3
 Accounts payable 152.5 203.0
 Other accrued liabilities 395.9 420.1
 Total current liabilities 770.9 708.4
 Other liabilities 213.7 209.4
 Loans payable beyond one year 772.1 700.0
 Deferred taxes on income 69.2 73.0
 Minority int. in subsid. companies 320.0 115.1
 Convertible preferred stock 27.7 27.9
 Common stockholders' equity 2,012.7 2,018.8
 Total $4,186.3 $3,852.6
 1. Earnings per common share are computed by dividing net income less dividends on preferred stock by the weighted average number of common shares outstanding during the period. The weighted average shares outstanding (in thousands) for the first quarter were 188,682 and 184,102 for 1992 and 1991, respectively. Preferred dividends of $0.6 million were declared in the first quarters of 1992 and 1991.
 2. Depreciation and amortization charged to operations for the twelve weeks ended March 22, 1992, and March 24, 1991, totalled $60.8 million and $55 million, respectively.
 3. In February 1992, Corning increased its ownership in Unilab Corporation to slightly more than 50 percent. As a result, Corning began consolidating Unilab results into its financial statements during the first quarter in 1992. Non-operating gains
 4. During the first quarter 1992, Corning recognized net non- operating gains from consolidated operations totalling $7.0 million ($21.7 million after-tax). This amount includes a gain of $10.1 million (before- and after-tax) from the completion of a previously announced plan to sell an additional equity interest in Corning Japan K. K. and a pre-tax loss of $7.3 million ($9 million after-tax gain) from the completion of the previously announced consumer housewares venture with Vitro, S.A. Excluding these transactions, Corning's effective tax rate would have been 36 percent.
 5. In the first quarter 1991, Corning recognized a non-operating gain totalling $4.2 million ($2.6 million after-tax).
 -0- 3/31/92
 /CONTACT: Kathryn C. Littleton, 607-974-8206, or Stephen L. Albertalli (investors), 607-974-8357, both of Corning/
 (GLW) CO: Corning Incorporated ST: New York IN: MTC HOU SU: ERN


SH -- NY018 -- 3267 03/31/92 09:27 EST
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Date:Mar 31, 1992
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